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Plains All American Q1 adjusted profit shrinks, EBITDA exceeds goal

Plains AllAmerican Pipeline LP on May 4 reported first-quarter adjusted netincome attributable to the partnership of $355 million, or 45 cents per unit,compared to $369 million, or 57 cents per unit, during the corresponding periodin 2015.

The S&P Capital IQ normalized EPS consensus estimate forthe quarter was 38 cents.

Adjusted EBITDA was essentially flat year over year, at $621million in the most recent quarter compared to $622 million during the prior-yearperiod, according to the earnings release. The $621 million figure beat thepartnership's guidance by 9%, Chairman and CEO Greg Armstrong pointed out."[Plains All American]'s results reflect a combination of performanceabove expectations, the inclusion of deficiency amounts for ship or payobligations that have been billed or collected, and some timing related itemsexpected to reverse later in the year," he said.

Plains also posted an implied distributable cash flow of$439 million, compared to $445 million during the same period in 2015.

Including the impact of special items, Plains reportedfirst-quarter net income attributable to the partnership of $202 million, or 7cents per unit, compared to $283 million, or 35 cents per unit, during the year-agoperiod.

Operating income for the quarter was $282 million, comparedto $372 million during the prior-year period.

Plains GPHoldings LP reported first-quarter net income attributable to thepartnership of $36 million, or 14 cents per class A share, compared to $31million, or 14 cents per class A share, in the year-ago period.